Loans and Loan requirement questions

[Colby Zeller]

Ive been diving deep into house hacking recently, and it seems a big benefit of house hacking is qualifying for a FHA loan. If you live in a property for a year you can qualify for a FHA loan that allows you to put as little as 3.5 percent down. My question lies with what type of credit score/income history is the sweet spot for most lenders to approve you for this loan ? Ive had a steady paying job for around a year with a 670 credit score at the moment, I am only 21 though which may play a affect in a lenders opinion ?

[Reid Chauvin]

@Colby Zeller - one thing to add that I didn't see mentioned is that you don't necessarily need to have been working for the past 2 years to meet income history requirements. If you are currently working a job now and you have an explanation as to why you don't yet have 2 full years of income history, (ex: you graduated from college last year), then that will generally suffice. You will likely need to provide your college transcripts as evidence in this example.